Brokerages see up to 28% upside in Reliance after Jio IPO filing, retail push
At Reliance's 49th AGM, Jefferies, Nomura and Motilal Oswal reiterated Buy calls with targets up to Rs 1,675 (28% upside), citing the Jio IPO filing plus Retail's move into manufacturing/exports and RCPL scaling as a consumer brands platform.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy with up to 28% upside, citing Jio IPO filing plus growth
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270M shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion
- FY26 revenue Rs 1,468.9B
- 524M subscribers
Why this matters
The Jio IPO filing and Retail's move up the value chain into manufacturing signal a portfolio repositioning that could reshape partnership, M&A and vertical-integration opportunities.
What to watch
- SEBI acceptance and Jio IPO price band / timeline confirmation
- Quarterly Retail EBITDA margin and RCPL revenue run-rate
- New energy / green capex guidance affecting free cash flow narrative
- Holdco discount trend in analyst SOTP models
- FII/DII flow data around Reliance weight in Nifty
- Expect additional brokerages to publish AGM follow-through notes reiterating Buy with SOTP-based targets
- Watch for Jio IPO DRHP details on valuation, dilution and timeline
- Retail segment to disclose manufacturing/export capacity and RCPL brand portfolio milestones
- Institutional positioning shifts ahead of listing; potential index-weight and passive flow anticipation